News
Standard Chartered creates securitisation capability
Standard Chartered has entered the securitisation business by stealth, hiring a global head of securitisations and several specialists in London and Hong Kong.
Tullett signs new contract with Kalahari
London-based inter-dealer broker Tullett & Tokyo Liberty has signed a new three-year contract with Kalahari, an analytical and price discovery software company also based in the UK. The decision marks the extension of a 10-year tie-up between the two…
Credit Congress 2002: Credit hedging by convertible hedge funds set to rise, says Goldman
The potential opportunities for convertible hedge fund arbitrage will see the market grow from $2 to $2.5 billion by the end of this year, according to Klaus Toft, an executive director in Goldman Sachs’ credit derivatives strategies group.
Basel II focus switches to securitisation after SME loan solution agreed
Experts working on the Basel II bank capital rules are focusing on the technically difficult issue of asset securitisation after agreeing a solution this month to the politically sensitive problem of how lending to small and medium-sized enterprises …
ABN Amro, Eureka Hedge Advisors to launch Asian hedge fund index
ABN Amro and Eureka Hedge Advisors, a hedge fund research and advisory service based in Hong Kong and Singapore, have launched a benchmark index for Asian hedge funds. The service is aimed at providing investors and fund managers with a means to compare…
US middle-market CLO business poised to rise, says Fitch
US middle-market collateralised loan obligation (CLO) issuance is set to rise, according to a new Fitch Ratings report. A middle-market company is classed as one with annual revenues of between $10 and 400 million.
UK central bank concerned by investor appetite for credit risk
The purchase of credit derivatives instruments by some institutional investors in their hunt for yield is a cause for concern, the Bank of England said in its latest Financial Stability Review, released today.
HVB in major hedge fund push
Germany’s HypoVereinsbank (HVB) is restructuring its hedge fund activities in an effort to step-up its global alternative investments business. The move is intended to capitalise on the boom in demand for alternative investments, such as hedge funds, in…
Rabobank sues RBC over Enron total return swap
Rabobank, the Dutch financial institution, has filed a lawsuit against Royal Bank of Canada (RBC) over a $517 million swap transaction that RBC entered into with Rabobank to hedge a loan the Canadian institution had made to a unit of now-defunct energy…
ABN Amro head of Asian equity derivatives transfers to London
ABN Amro's Asian head of equity derivatives in Hong Kong, Frank McKirgan, will transfer to London in the third quarter, according to an official at the bank in Hong Kong.
Risk contributor Blejer steps down as Argentine central bank governor
Mario Blejer, a former senior adviser to the International Monetary fund (IMF), has resigned as governor of the Argentine central bank. The move could prove to be a blow to Argentine president Eduardo Duhalde's efforts to restore the country's battered…
Capital One hires director of risk management
Michael Haubenstock has joined Capital One’s Richmond, Virginia, office as a director of risk management, where he will establish an enterprise-wide risk management function.
First Italian hedge fund to open in July
Kairos Partners will become the first hedge fund in Italy when it starts trading in July, after receiving approval from Banca d'Italia, the central Italian regulator, yesterday.
UK’s FSA plans delayed Basel II paper for mid-July
The UK’s chief financial regulator plans to issue its discussion paper on implementing the Basel II bank capital adequacy Accord and parallel European Union (EU) rules in mid-July.
Kamakura hires Matz as senior VP
Hawaii-based risk management software provider, Kamakura Corporation, has hired Leonard Matz as senior vice-president. He will be based in Pennsylvania, and will work on client consulting, client training and model documentation.
Partners aims to offer €500m exchangeable hedge fund bond
Partners Group, a $4 billion alternative asset manager headquartered in Switzerland, plans to launch a €500 million innovative exchangeable bond linked to a pool of hedge funds within the next few weeks.
SMBC launches summer weather derivatives
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has recently launched a weather derivatives contract for unusual hot and cold summer temperatures in Japan, according to an official for the bank.
Credit Markets Update: Telco spreads balloon following WorldCom fraud
The admission by US telco WorldCom of a multi-billion dollar accounting fraud late yesterday sent credit protection spreads ballooning as much as 100 basis points today in both the US and Europe. But markets settled down as the day progressed, traders…
Totem launches valuation system to help energy traders
Totem Market Valuations, the London-based valuation clearinghouse, has launched a new service for energy traders. Totem’s energy derivatives valuation service is designed to give traders in over-the-counter energy contracts a market price gleaned from a…
Deutsche hires Asian securitisation head
Deutsche Bank has hired Raj Shourie to head its Asia ex-Japan securitisation group, say bank sources.
Hedge funds set to steal share from mutual funds in Asia, says Barclays’ Yang
Hedge funds – a once-shunned asset class in Asia – are likely to take market share away from traditional mutual funds, according to Angus Yang, director in the equity finance group at Barclays Capital in Tokyo.
Banks bid for Roman risk management
Comune di Roma – the City of Rome – is close to awarding a mandate for the risk management of its €6 billion of outstanding debt, said bankers involved in a beauty parade city authorities have been holding over recent weeks.
Brokers launch marine fuel hedging service
US brokers OceanConnect and Starsupply plan to launch the first bunker fuel derivatives contracts by July 8.
Investor demand for Asian hybrid products growing
Growing numbers of Asian investors are turning to structured credit products in order to benefit from enhanced yield in an environment of low interest rates and tightening credit spreads, says Patrick Kwan, director of debt capital markets and investment…